Baltimore Bancorp, the parent company of the Bank of Baltimore, reports a fourth-quarter loss of $6.5 million, or 51 cents a share, compared with earnings of $1.9 million during the 1989 fourth quarter.
But the company reports it ended the year in the black with a net income of $9 million, or 71 cents a share, a 49 percent drop from 1989 when the company earned $17.6 million, or $1.36 per share.
Baltimore Bancorp, the state's fifth-largest banking operation, had total assets of $3.52 billion at the end of the year.
The company said the fourth-quarter loss was due to a larger than normal addition to loan-loss reserves of $18.9 million compared with an addition of $3.8 million in the 1989 fourth quarter. The money was added "due to continuing concern over the economy and particularly the real estate market in this area," according to a press release.